BUFFALO LAKE, MN (AP) - A federal bankruptcy judge has awarded assets of an ethanol plant in Buffalo Lake to the lender that financed its reopening last year.
Production at Purified Renewable Energy ended last March after the rebirth of the plant faltered. The plant has been maintained in a state that would allow it to reopen.
A unit of a New York hedge fund, West Ventures, bought the plant for $5 million, which will be subtracted from the $18 million it loaned to Purified to reopen. The Star Tribune says the 1997-era plant is one of the smallest in Minnesota.
The drought last year drove up the price of corn which caused the plant to falter. Two fires at the plant and wastewater compliance issues also hindered its success.
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